Had it not been for Enron, and Arthur Andersen, then I really doubt Sanjay Kumar and Computer Associates would be in the dock today. (Photo from The Inquirer.)

But the Enron scandal did happen, so what looked like normal business practice came to be seen as a scandal. The standard practices of the last decade, like gaming revenues to keep stock analysts happy, are now seen as morally reprehensible.

That, at least, seems the great lesson from the fall of Sanjay Kumar, who stepped down as CEO of Computer Associates today.

More shoes have yet to drop.

Kumar's "resignation" is gold-lined. He's not leaving the company at all. In fact, he is taking a title called "chief software architect," the same title Bill Gates gave himself when he relinquished the CEO chair to Steve Ballmer a few years ago.

I've met Bill Gates, and while he's not a friend of mine, Sanjay Kumar is no Bill Gates.

In fact the move may turn out to be just a red cape in front of the SEC bull. The SEC has a guilty plea in hand from former CFO Ira Zar. The agency was terribly embarrassed, as an institution, by such cases as Enron, MCI and Tyco. The idea that they're going to let Kumar "pull a Gates" and call that the end is not credible.